The Ministry of Electronics and Information Technology launched the first edition of the Medical Electronics Innovation Summit 2016 at IIT Powai in Mumbai. The Summit was inaugurated by Ravi Shankar Prasad, Minister of Electronics and Information Technology, P. P. Chaudhary, Minister of State, Ministry of Electronics and Information Technology along with Sri Kamineni Srinivas, Minister for Health, Andhra Pradesh.
"According to an estimate, the demand for medical electronics devices was around USD 1 Bn in 2012 and is expected to reach USD 6.5 Bn by 2020. Our global share is only 2% and in the coming years, there will be greater demand for medical electronics in the country in coming years", said Ravi Shankar Prasad.
The key highlight of the Summit was signing of an MOU Signing between SAMEER (Society for Applied, Electronics Engineering & Research) and the Government of Andhra Pradesh, on conducting joint and comprehensive assessment of health technologies as identified starting with Dual Energy Linear Accelerator for cancer care development.
With India's medical electronics market growing to $11.7 billion by 2017, the Summit witnessed a panel discussion on the scope of Foreign Direct Investment (FDI) in the healthcare sector, especially with opening up of 100% FDI for manufacturing of Medical devices in India last year.
"Government provides medical electronics devices the same financial incentives for medical electronics devices which it provides for development of IT and telecom equipment. As a result, incentives like Modified SIPS, Electronic Manufacturing Clusters, EDF are available for the units investing in medical electronics devices", said Union Minister Prasad.